 "UK, United Kingdom")
Indian industry on Thursday welcomed the UK's new Scale-up Visa, which is aimed at attracting more skilled professionals from around the world, including India.
The Federation of Indian Chambers of Commerce and Industry (FICCI) said the UK Home Office announcement directed at high-growth businesses to access a worldwide talent pool to boost their scale-up ambitions are well timed and likely to benefit many Indian businesses and also help UK companies tap into the vast Indian talent pool.
Companies, including small businesses and those in the tech and financial services sectors that have achieved growth of 20 per cent or more in either employment or turnover year-on-year for at least three years and employed a minimum of 10 people at the start of those three years are eligible to sponsor workers under the new route.
In the last few years, India has seen a large number of rapidly growing businesses from tech and financial services expand into the UK, said FICCI Director General Arun Chawla.
The new Scale-up Visa announcement has come at a good time with businesses trying to recover post-pandemic and are hiring talent that would help them to grow faster. This announcement will give Indian businesses that are present in the UK greater flexibility to hire in-demand talent to progress to the next level, he said.
It will also help British businesses to tap into the vast talent pool that India has to offer, he added.
Official Home Office statistics over the last few years have consistently shown Indians ranked as the top nationality for skilled worker visas granted under the Tier 2 Visa category, now expected to benefit from this new route as well.
Eligible businesses are expected to attract a lot more scientists, engineers, programmers, software developers, research and development professionals, economists, architects, technicians, financial and investment advisers with the new visa that falls within the country's wider points-based immigration system.
Through our Scale-up Visa, we're enabling businesses to focus on their growth and innovation by giving them more freedom to bring in the diverse skills and experience they need, making them more attractive on an international stage, said Kevin Foster, Minister for Safe and Legal Migration.
By supporting our high-growth tech, financial services and small businesses, we are ensuring the UK remains a global hub for emerging technologies and innovation while enhancing productivity across the economy creating jobs, growth and prosperity across Britain, he said.
Unlike other sponsored visas, the UK Home Office said its Scale-up Visa launched this week allows businesses to employ high-skilled individuals who will receive two years' leave to remain in the UK without requiring further sponsorship or permission beyond the first six months.
The new visa route is intended as giving businesses in the UK greater flexibility to hire in-demand talent to progress to the next level and boost the UK's global talent pool.
Irene Graham OBE, CEO of the ScaleUp Institute, welcomed the launch of the new visa as something it has been recommending as a much-needed fast track service to enable local growth companies to access the talent they need more quickly.
Scale-ups add over GBP 1 trillion a year and more than 3 million jobs to the UK economy, and are present in every community, hiring people from at home and abroad, as they drive growth into their local areas and beyond. The visa should help with the skills demands, said Graham.
We look forward to continuing to work with the government as this service evolves to ensure it fully addresses scaling business needs and works effectively, she added.
The Home Office said it recognises that scaling up is an important phase for high-growth businesses to continue growing and drive international competitiveness.
By bringing in sought-after expertise and skills, enterprises can boost their innovation and productivity and in turn keep contributing to the UK's economy, it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
